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Conectiv to Announce Restructuring,
Including Sale of Plants, Stock Buyback

By

Kathryn Kranhold Staff Reporter of The Wall Street Journal

Updated May 11, 1999 12:55 a.m. ET

Conectiv Inc. plans to announce a major restructuring, including selling some power plants, buying back stock and slashing the dividend, in moves designed to free up about $1 billion in cash to make the utility more competitive.

The Wilmington, Del., company, formed a year ago through the merger of Delmarva Power & Light Co. and Atlantic City Electric Co., is seeking to position itself as the premier mid-Atlantic supplier of...